Shubha (Process executive) 09 July 2011

Tax on property

Hi Team,

I am asking this question on behalf of my colleague. He is working with a reputed company. He sold of a property in kerala in the year 2007 for 7 and a half lakhs. The price at which he purchased the property was around 3 and a half lakhs. The money which he got after selling the property was deposited with a bank in which he had his account. Now on todays date he has no money left from the cash he received on his property. But unfortunately he now has to shell out around 5 lakh rupees(approx) which has been charged as tax. He is in a dilemma as he doesnt have that much money to pay as tax. Can this tax be avoided or is there a way for him to get out of this mess. Any suggestions on this would be welcome. Please advise and thanks in advance.

Regards,

Shubha.

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5 Replies

vineeth kv (law student) 09 July 2011

hi shuba
primarily, this is related to assessment year 2007-08 or 2008-09
depending on month! !
how ever it would have been treated as income from house property or as a capital gain depending on nature of property.
now if at all amount exists in his account it can b taxed as tds only!!!
u can complain in cbrt, or write a letter to commissioner of It dept! !!

Shubha (Process executive) 10 July 2011

Hi Vineeth,

Thanks for that quick response. I got few replies for my query posted on different web sites. Yours i found helpful. I would like little more information on CBRT. I just googled to find some information but that isnt helping me much. Could you just let me know what CBRT is and how do a person residing in Trivandrum (Kerala)approach this team for help. If its time consuming for you to reply, then could you give me a website which explains this term. Your help is really appreciated. I thank you again in advance.

Regards,

Shubha

vineeth kv (law student) 10 July 2011

hi shuba, websites wont help, CBRT
is central board of direct taxes . it is the head of all income tax departments.it directs subordinateinccome tax departments or authorities... commissioner of income tax is the head of cbrt, he distributed powers among IT officials...
kindly approach commissioner of IT, who has jurisdiction of trivandrum..guess commissioner of IT dept shud solve ur dispute...
u get something like form 35 in your local income tax office , u got to file ur grievances in that form...
regards vineeth